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pshakkottai commented on the diary post Make ‘em Prove the Causality before They Cause Any More Suffering: Part Two, the Fall and After by letsgetitdone.
http://www.paecon.net/PAEReview/issue58/Koo58.pdf
a paper by Koo explains balance sheet recessions. Japan has deficit spent at full GDP for about 20 years with no inflation and no unemployment because it is a money creator and is in debt to itself if created money is to be called debt.
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pshakkottai commented on the diary post Make ‘em Prove the Causality Before They Cause Any More Suffering: Part One by letsgetitdone.
and actual data
http://pshakkottai.wordpress.com/2012/05/25/188/ deficits vs. GDP
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pshakkottai commented on the diary post Make ‘em Prove the Causality Before They Cause Any More Suffering: Part One by letsgetitdone.
Presumably, govt_debt and govt_savings are in dollars per year as are net exports or net imports or private savings all per year. Like GDP also per year.
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pshakkottai commented on the diary post Make ‘em Prove the Causality Before They Cause Any More Suffering: Part One by letsgetitdone.
The CUMULATIVE sum of all annual (deficits – net_imports ) from years 0 to N = net worth of all household and non_profits at year N = gross national wealth at Year N = about 70 trillion dollars at present, year 0 being 1776 when USA was born. National wealth is defined as “In the [...]
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pshakkottai commented on the diary post Make ‘em Prove the Causality before They Cause Any More Suffering: Part One by letsgetitdone.
(Otherwise, they can’t mix data from monetary sovereign and non-monetary sovereign nations.)
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pshakkottai commented on the diary post Make ‘em Prove the Causality before They Cause Any More Suffering: Part One by letsgetitdone.
How about this? “Massage the numbers, buff the data, and, presto, you are a Republican Scientist.” I wish to add one more. R&R used the wrong equations! (Otherwise, they can’t mix data from monetary and non-monetary nations.) The equations are simple; for states tax +net export = spending + govt_savings = spending – govt_debt. Before [...]
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pshakkottai commented on the blog post Obama Nominating Major Campaign Contributor Penny Pritzker For Commerce Secretary
“But, of course, Obama is now surrounded by members of the hyper rich billionaire class (Warren Buffet, his main fund raiser in Chicago, a forty something billionaire heiress, Penny Pritzker, the Crown family, and countless billionaires who are “bundlers”, in charge of raking in dozen of millions of dollars among the hyper rich for the Obama “grass-root” fundraising…). The plutocracy knows how to take care of those it advises (cf. the Clinton or Bush fortunes).
So now the US economy is seizing up, quite a bit as what happened in the ancient Roman republic. When the richest Romans became too rich, they made most of the Roman population into simple spectators in their own empire, getting impoverished in all ways, while the Roman GDP was still going up, and up, and up. To keep the People happy, bread was distributed. When the People grumbled, money was thrown at them (see the recent US distribution of money on all modest tax payers). Nevertheless, after three centuries of this bread and circus circus, the Roman army rebelled (in the third century, the appropriately nicknamed century of “barrack emperors”. Not Barack, barracks).” from
LOUSY MORALITY LEADS TO LOUSY ECONOMICS.
A FEW ALARMING BUT ENLIGHTENING COMPARISONS. at
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pshakkottai commented on the blog post Nearly Half Of Republicans Believe “Armed Revolution Might Be Necessary in Next Few Years”
“With this same group — the less educated, right-wingers — probably being the most ardent gun owners (again, no proof), I suspect all they lack is that charismatic leader to send them on murderous street rampages.
These are America’s angry. They are angry at foreign-born, legally here or not. They are angry at gays, blacks, Jews, Muslims, Catholics, atheists, people who have more money than they do, people they consider “freeloaders.”
They are angry at “people who want to take our guns away” (the guns the Tea Party calls “sacred.”) They are angry at the government and the courts, and especially are angry at the very rich.
They are angry at what they perceive to be an unfair world, in which some powerful groups wrongly receive advantages at the expense of good people.
Yes, it could happen here. WILL it happen here? We all should pray not. We don’t want an America filled with crazed nuts, exercising their 2nd Amendment rights to kill their neighbors.
The operative word is: “Unnecessary”. Affluent people don’t begin armed resurrections. America has too much unnecessary poverty; too much unnecessary hardship caused by unnecessary austerity and augmented by latent bigotry.
The .1% have bribed the politicians, the media and the mainstream schools of economics to support poverty-causing, wealth-gap widening austerity, and to these super-rich — to the Petersons, the Kochs et al — I say, “Be careful what you wish.” “For they have sown the wind, and they shall reap the whirlwind.”
Remember: The privileged were early to the guillotine, but ultimately, no one was safe.” from
http://mythfighter.com/2013/05/02/one-poll-what-america-believes-about-the-likelihood-of-revolution/
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pshakkottai commented on the blog post Congressional Democrats Pushing Back Against Obama’s Austerity Budget
Bernie Sanders also talks in terms of neo-liberal economics. Seems not to understand how MMT works (or pretends to not understand).
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pshakkottai commented on the diary post NYT Uses News Story to Express Dislike of Danish Welfare State by Dean Baker.
Actually it is more difficult for a monetarily non-sovereign country to do better that a monetarily sovereign USA in welfare.Because Denmark can’t create euros (and no nation in Europe can)and can grow only from net exports. USA can create money which is a huge advantage. Of course the plutocracy prevents it by propaganda which is [...]
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pshakkottai commented on the diary post the Reinhart / Rogoff kerfuffle, March industrial production, consumer prices, and state unemployment by rjs.
More simply “Never did Reinhart/Rogoff say, “Our research provides no reason to cut Social Security, no reason to cut Medicare, no reason to fire federal employees, no reason to cut food inspection, drug inspection, food stamps and NASA, no reason to cut postal service, aid to the poor, aid to states and rebuilding of infrastructure, [...]
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pshakkottai commented on the diary post Time for a Department of Peace by David Swanson.
Another, a department of truth is also a good idea. “Create A New Branch Of Government: TRUTH. Government traditionally consists of three branches: the executive, the legislative and justice. At the highest level, the three functions had been conflated early in the Roman Republic (in the times of “Tribunes with Consular Powers“). Yet, as the [...]
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pshakkottai commented on the diary post Schizoid Man….Schizoid Nation by cmaukonen.
Some of the terrorism was created by USA in a shortsighted way of thinking to play with fire. Similar to the British policy of divide and rule with the result we have nuclear armed god-crazy failing states. We can call this bad Karma or “blow back” “USA Attack Against Afghanistan ZBIGNIEW BRZEZINSKI, PRESIDENT CARTER’S NATIONAL [...]
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pshakkottai commented on the diary post MMT – Job Guarantee and Employer of Last Resort – We’re back, You Moneterist!! by Synoia.
I forgot. India has a rural job guaranty program.It also funds infrastructure (metro rail networks in Delhi and many more cities) directly as described in
http://www.thomhartmann.com/forum/2013/04/california-bullet-train-sham#comment-208790 -
pshakkottai commented on the diary post MMT – Job Guarantee and Employer of Last Resort – We’re back, You Moneterist!! by Synoia.
I like this and would like a copy. Please email to
pshakkottai@hotmail.comI have many plots at
http://pshakkottai.wordpress.com/2012/07/31/cumulative-deficit-vs-household-net-worth/
and other data plots reached from the blog above. -
pshakkottai commented on the diary post Obama’s Universal Preschool Plan: As Good as It Sounds? by Michelle Chen.
USA is monetarily sovereign and creates money to feed the economy.
“Tax those rich bastards and corps!” is an independent statement not related to public social spending and the commons generally. I remark this to make sure it does not suggest USA can spend only what it collects in taxes.
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pshakkottai commented on the diary post What does the “Left” actually want? by cmaukonen.
I have blogged this before.India is a role model for democracies. The civil servant can be a “strong hand of careful wisdom”. The framework is where the wisdom resides. I give this using the example of India with a better constitution. India has a better government with “socialism” and “fraternity” added and “pursuit of happiness” [...]
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pshakkottai commented on the diary post Think Mary Jo White Will Police Wall Street as Head of the SEC? Think Again. by Ohio Barbarian.
THE “BLOB”, OMNIPOTENT INCESTUAL FINANCIAL CONSPIRACY IN WASHINGTON: The great mystery story in American politics these days is why, over the course of two presidential administrations (one from each party), there’s been no serious federal criminal investigation of Wall Street during a period of what appears to be epic corruption. The Roman Republic went down, [...]
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pshakkottai commented on the diary post Today’s Anti-Social Security Propaganda by dakine01.
Perhaps mail this reference too.
http://wfhummel.cnchost.com/subwaytokens.html
called “Subway tokens and Social Security” -
pshakkottai commented on the diary post Return to Azawad or Zero Dark Mali by CTuttle.
“French Rafale Versus USA Corruption TAXES FOR STEALTH CORRUPTION? THE F-22, F-35 SCANDALS. The F22 Raptor is the USA air superiority plane. It cost too much and proved too fragile. In USA style stealth, sharp angles are used because only reflections in discrete directions come back. So the USA style stealth plane acts as a [...]
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